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tv   Stossel  FOX News  May 28, 2011 10:00pm-11:00pm EDT

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- killing adults, eggs, and larvae. and it keeps lling fleas and ticks all month long. that's why it's the #1 choice of vets for their pets, and yours. leash a complete kilng force in every dose of frontline plus. >> tonight, the, darchtion lay out their plans in our special panel will write them. our odd audience will vote, which plan is best for america? we better come up with some plan because if we don't, this might happen... people may get hurt. this is what's been going on in
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greece. and in spain... because they didn't come up with sustainable budgets before things got too ugly. we don't want this... so let's hear out the think tanks. they have been working hard on this. we will vote on what's best, tonight. >> what's your budget idol? do you have a vision of what government should do, one that's sustainable and one that doesn't send us toward bankruptcy? so do you? do you? no, of course not! you have lives. who has time to pore through thousands of pages of teduous budget data? think tampings do. that's why they are called think
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tanks. they are paid to solve (problems like this. so does nick gillespie. he gets paid to write about it. nick, lay out the problem. >> the short-term problem is issue for instance nfiscal year 2010, we were looking at a mismatch of $1.4 trillion. the government spends about $3.6 trillion and brought in 2.2. it's been doing that every year for all of our lifetimes. as a result -- >> never as much. >> not quite this big. we are at historic high points of spending and historic low points of pulling mon nebecause of the recession. but over time, those annual deficits add up into the national debt of what the government owes itself, as well as outside people. and that just keeps growing. >> so what? america's doing fine. >> i am not sure which part -- >> most people are working. >> that's true. we have high unemployment.
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more importantly, what happens when you have deficit after deficit after deficit, have you to go to the street. have you to go to banks and take out loans and pay interest. that adds up. a lot of people in america have been in this situation. if you live on credit cards too long, you get special a spiscprawl are going to people like my cuzun, who is -- cousin, who is not as understanding as a banker. >> to try to answer my own question -- why do we make these cuts? it's largely true. but we do need to do something because if we don't, our future becomes this... this happened in greece lately. 120% of their economy, so the government owed more money than everyone in greece earned in a year. the united states is not in such bad shape issue but we are on
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track to get to 120%. the rising blue line is our projected debt level. we reach greek levels of debt in just 10 years. this is why we need to fix the problem now, before it gets worse. on those graphs is the assumption that interest rates won't go sky high. >> they are at historically -- or relatively low rates. if interest rate guess up 1, 2, 5 percentage point, we are then on the fast track to the poor house, as opposed to a medium speed amtrak, as opposeed to a fast train. and the government needs to make more money to make interest payments so we can't pay it on infrastructure and for lending to businesses and to individuals. so it's a very bad spiral. it's one of those things where it seems fine until you are just about to go down the drain and
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it's a really quick drop. >> it all gets tighter because when my generation retires, the baby boomers, the entitlements explode. >> that's right. we are in a manageable phase of a kind of hurricane. in another 5 to 10 years, it is going, you know, it is going to be virtually impossible to pull out of the direction that we are going. so we better be going in the right direction. >> okay. we are not. but we could. and six think tanks have their own budget proposals to address this. five are here to defend them. the sixth, the liberal center for american progress, said they would not come here because i don't offer a balanced format. i think i do. we have two people from liberal think tanks here and two from conservative tanks, one that calls itself bipartisan. speaking of bipartisan, we have our own bipartisan panel to judge the budget. on the right, host two of fox business networks show, a budget hawk and libertarian.
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second, financial reporter sandra smith in the middle because she wells neither left nor left. and on the left, bob beckle, the judges will pick their favorite three budgets. and just like on "american idol," the audience will pick the winner. since i can't give record contracts to the winner, our winner gets an emmy i won for consumer reporting. i don't know why you would want this. [cheers and applause] it's the only thing i have to give out. now, before we get into the budget proposals, what are you judges looking for? david? >> you mentioned the word entitlements of there was a time in our country when most americans were too proud to take anything -- even poor americans who couldn't afford to put a meal on the table were reluctant to take government support. now we use the word entitlement for so many thingsue are
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entitled to this and to that, you add the health care law, you are entitled to viag ra. i mean, these are things, we have entitlement creep, if you will. the idea that being born american, we are entitled to more than the government could ever afford. >> so the budgets are going to solve that, maybe? that's a big one? >> i am looking to entitlement. that's the key for me. and getting defense spending down eighths bit. but the entitlement creep is the thing that scares me more than anything else. >> sand rain. >> i am going to be -- sandra? >> i am looking at the military spending. this is an obviously sensitive issue. will the budget proposals attack military spending? will they adjust to it? the white house says we are spending 4.7% of gdp on military spending, from $200 million in the year 2000 to $700 billion today. will the proposals move that number up or down, or leave at this time same? >> bob.
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>> what's wrong with viag ra, first of all? >> nothing, if you pay for it. but you wouldn't need t. so it doesn't matter. >> what i am looking for here, first of all, with all due respect to the brilliant analysis, someone has to convince me that it heart matters. i am not buying into that. we are making our own money -- >> we can keep printing forever? >> no. we could put people to work. spend a trillion on infrastructure and put people to work. >> it will create more jobs, the best way to get the deficit down is to put people to work. i would like to see which stimulation works the most? >> all right. we will have to find out. when we come back, the competition begins. five budgets, smulike, some you -- some you like, some you won't. some surprises. the group with the best ideas wins this. the battle of the budget begins next.
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progressive group. warren beatty was once on the board. roosevelt's campus network is the first student-run think tank. they were given $200,000 to come up with a budget that would be good for america. hillary dole is here to tell us. >> we got the $200,000 from the peterson foundation. all the grants received the same amount of money. >> i give thanks to the peterson foundation for stimulating this budget. >> what you will see in our budget is a lot different. we are not economists. it is not based on equations. it is based on values. so we engaged 3,000 young people across the country and asked them what their values and priorities for the future were and helped them design a plan to get there. >> what's the ideal budget? >> you will see, we stabilized the debt. we care a lot about fiscal security. the burden of the debt will fall on my generation more than
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anyone else's. >> how do you stabilize the debt you? don't touch social security or medicare? no cuts. >> we do really control health care costs. that was a serious priority. >> how? >> we increase competitiveness -- >> how. >> in medicare and outside in the private market. we create regional markets in medicare, so states can compete within their market. we really rely first on insuring -- letting the private market do its job, giving people an opportunity to lower costs that way. if it doesn't work n10 years, we have ahammer and we put the public option down -- >> public option? [boos from the audience]. >> reduce the debt with universal pre-kindergarten, increases in the safety net, more mass transit and more worker retraining programs. how do you pay for it? >> we had the plan score in the same way that the cbo was scored
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and proved you can make the investments and stabilize the debt over time. we do it with health care costs and reform income taxes and give everyone who makes less than $1.4 million tax cuts, including corporations. >> students voting to cut corporate tax rates 3%. >> this is not a budget by progressives or conservatives. we sought out both sides. >> but you will have a carbon tax. >> we institute a carbon tax for environmental reasons. >> you will have a too big to fail tax on banks. >> we do. that affects 12 banks making over $200 billion. >> doesn't that encourage the 13th bank not to try to make more money? >> actually, we break up the banks to insure -- [boos from the audience]. >> so there is no volatility over time. despite the boos in the oddience, this is a
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democratized. so most of these budgets are from an economist. we weren't engaging one ideological spectrum, we were engaging young people as a whole. >> you want to end war by 2015. we are all for that. [cheers and applause] >> remove cold war-era troops from europe. we have 50,000 soldiers in germany. i thought we won that war. >> we did, too. we decrease defense spending, by 2035, it's only $200 billion, by making this system more efficient. removing troops from place where is we are not fighting wars and updating, with more nimble forces and cyber-security and removal of troops from wars with no end until 2015. >> let's hear what the judges have to say. >> first of all, she deserves a lot of credit for putting up with the boos from the
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audience. everyone this shexpress their opinion. congratulations for holding your own. i like her suggestion that states should compete for insurance. that's a free market decision. i don't disagree with the fact that a lot of banks should be broken up and i think the market would have forced them to break up if we had not had our bailouts of the banking system. let the market work. but in terms of more money for education, more money -- when has more money for education actually led to kids getting smarter? we have spent billions, if not trillions of dollars on trying to educate kids. we have seen the test scores come down, so more money -- does not necessarily solve social problems. >> on both sides of the aisle, the return on the investment is huge for the area we are targeting -- >> i haven't seen it -- >> this is true. $90 billion a year -- >> we are talking about a specific age group. we are talking about pre-k.
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that decreases intergenerational poverty. >> i used to be a teachener chicago in a very tough section of chicago. if we weren't forced to use teaching methods that we as teachers knew were bad, we would lose our federal funding on certain programs. so the federal government was forcing programs down our throats that we didn't think worked, the kids didn't think worked. but we had to use them to get more money from the feds. >> sandra, what's your thought. >> a., not addressing entitlements at all concerns me. i am curious if you were serving this group of young people, did they ask for more taxes? because you are talking about making income tax rates more progressive, creating new too big to fail taxes, are they aware of what that would do to job growth in this country? >> overall, if you look at the plan, we decrease tax overall from the cbo baseline. they are asking for taxes that
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are more equitable. >> taxes that don't affect them. >> i commended the group, thinking long term about their tour the and deciding, i want a social safety net to be there. i want something responsive. i lived through the great recession and i want the opportunities available to catch me and trampoline me back into the workforce. >> first of all, i want to congratulate you for putting up with this. [boos from the audience]. >> here's the difference. do i this for a living so you are not going to bother me. being the only liberal with fox, i have a pretty thick skin. >> you are not the only liberal at fox. >> there are damn few of us. we could hold a caucus in a phone booth. i commend you on a lot of things. but i would make the single payer plan immiate. you put -- my good friend david here is exactly wrong. test scores have gone up in the last two years.
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significantly -- >> last two years. >> we have had more government spending for 40 years. >> there is nothing wrong with that. >> if it doesn't work, there is. i think it's a legitimate issue about entitle pledgets. it seems to me that there ought to be taxes, you ought to pay taxes it's $160,000 in payroll taxes. you ought to pay it for as much as you earn. >> there are a number of plans that will be proposing that. >> glad to hear that. >> i didn't get a chance to address it, but you pay a larger, you know, social security tax and larger percentage of your income. >> and investment in transportation, infrastructure and put people back to work, you let the great free markets, you saw what happened, it put us in the greatest recession in history. there ought to be a tax on big banks. i think it's brilliant. and don't pay attention to this because these people are slightly behind the curve -- >> yod audience, chill on the
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booing here. we want to give people a chance to present their point. thank you, judges. we will have the official vote later. when we return two, conservative think tanks face off. ♪ [ male announcer ] in 2011, at is at work, building up our wireless network all across america. we're adding new cell sites... increasing network capacity, and investing billions of dollars to improve your weless network experience. from a single phone call to the most advanced data download, we're covering more people in more places than ever before in an effort to give you the best network possible. at&t. rethink possible.
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>> our next contestant in the battle of the budgets are two big conn conservative think tanks. heritage foundation and the american enterprise institute. they also were given $200,000 each to come up with a better budget. stewart butler's with the heritage foundation. andrew biggs is with aei. andrew, what's your plan? >> when have you an aging population, baby boomers retiring, people living longer -- >> it's annoying. we want to live longer. >> strangely, yes. you need smaller populations need to support larger populations of retirees, so you want people to save more, work more, retire later. the basic framework is if you mix the entitlement problems by raising taxes, people are going to work less, save less and retire earlier. they are going to do all the
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things you don't want them to do. so we have to restrain government spending and put a limit on the size of entitlement programs and refocus them on the thing it's. >> bob beckle said if we spend more, we will create more wealth, have better roads. >> that's like drinking five cups of coffee in the morning, you feel good for awhile, but not all day long. >> your plan does what? >> three things, social security is shifted toward a flat poverty-level benefit. essentially, it eliminates poverty among retirees. we spend $750 billion a year and 10% of retirees are in poverty. we takeeverybody at a poverty level retirement, $850 a month. and on top of that, you will save on your own. so government helps alleviate scpfert the savings part is the individuals and to markets. medicare and medicaid need to be
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fixed -- american health care is like an all you can eat restaurant, it costs a ton to get in, but once you are there, you get more and more and nobody cares. so we need to refocus the programs. medicaid has shifted to a bloc grant. >> similar to what congressman ryan wants. >> that's right. the hed cade is a spending decision made by the states, but the federal government covers most of the costs. so you can imagine, people who don't care that much about the quality and cost effectiveness are the guys making the decisions are not paying the bills. >> stop there, my brain is full. >> stewart, your plan is similar, i assume? but you cut more? >> lyou know, the problem in this country, the reason we are in a mess is not because we are not taxing enough, it's because the government is spending far too much.
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so we balance the budget within 10 years, which is more than anybody else does -- >> heritage cuts more than any of these other plans -- >> it has to be done. it has to be done. i was brawrt up in europe. i have seen the results of this and everybody's seeing it on television today, the results of over spending in europe. we are to get this under control and stop giving benefits to people who don't need them, in these promise, in the big entitlement programs. >> i should be clear, you balanced the budget, none of the other plans do. >> that's right. >> you means test entitlements. >> they are already means tested. >> paul ryan -- he leaves me in the program. >> you're part of the problem, you see. if you get benefits, then we can't afford them for everybody else. the important thing to do is to make sure that people at the lower end who are struggling have enough. and then say, if you don't really need these finance
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benefits because are a multi-millionaire, then you start ratcheting back on the benefits. that's how you get spending doub. >> but when anybody talks about medicare cut, the public seems to get angry. >> i understand. but you can't have it all ways. if you are going on give unlimited benefits to anybody, irrespective of their mede, you are going to have a government out of control. that's what we have today. >> why not cut the military? neither plan cuts military more than obama would? >> the fact is that -- the core requirement of the federal government is to defend us. if we get invaded or bombed, it spoils your whole day. the fact is, we have to say, how do we do this as efficiently as possible, to defend the country and our interests? what we do is say, that's not an issue for discussion in balancing the budget. if we fail to secure our country and our country's interests, it doesn't matter what you do in the other programs. >> what's wrong with his plan?
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>> there are a few. first of all, andrew's plan allows taxes to drift up, as well as spending, above what we have historically done in this country. i think that's a bad step. he will impose new taxes, particularly carbon taxes and so gasoline prices gallon up. i don't think that's a good idea. i think it ought to be taxes on everything spent, if you earn a lot, you pay more, but it's the same rate. it's fair, it's equal. people can understand it. there are no loopholes. they would be a big change. so two plans which do put us on a sustainable path. david? >> i have to announce that i once worked for harry's foundation -- >> years ago -- >> decades ago. stewart fi may, take the prerogative, what about the means testing? what if i kept every penny i earned and saved a couple of million bucks, would i be means
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tested or how much i made in a year? >> you wouldn't be taxed on how much wealth hu, how much money you had in savings, it would depend on how much you spent. the only people affected are the richest 9% of retirees. >> i look at it and i look at consumption tax. and i wonder what that would do for spending in a very difficult time, to impose this consumption tax -- would it discourage spending? >> over the long term, it's designed to discourage spending. saving is what you need more of. over the long term, that's the way to g. you may take a short-term hit, depending on when you phase it in. but over the long term, you want to save more. >> bob? >>ure would turn medicaid into the voucher system that ryan
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talks about. you really trust the state of mississippi and louisiana to take a bloc grant and spend it and help poor people? have you spent any time in the mississippi or louisiana state legislature? >> if you look at the way the system is set up, they are spending someoneae else's money, more than their own i. you are not answering the question. he is saying you can't trust some states. >> you are not giving cart blanch to states to do whatever they want. you are saying, here's the amount of money you are getting. now use that in a more creative way to get the job done. and we will be watching to make sure you have done that. you will have flexibility. >> if you can watch that well, i congratulate you. last -- >> it's not being done now. >> isn't it the case that you take all the discretionary spending in the government except defense and wipe it all out and you would still have a deficit? that's a ruse of the right. you make the point about discretionary spending, we spend
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more -- i have heard that from ronald reagan over and over and over again. it's about entitlements isn't it? >> and we totally agree with you. >> the fact is that both of us, probably unique among us, actually deal with the entitlements. >> isn't it harry reid who said we didn't have to worry about entitlements? >> he was wrong about that. >> and on that note, i have say for you people in louisiana and mississippi, the opinions of some guests do not reflect the opinions of this show. coming up, the final contestant of bipartisan think tank and a liberal one that president ork 'bama helped to start. and the audience, who wins the award? ♪ [ male announcer ] doctors have been saying it forever. let's take a look.
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ranks lexus highest in customer satisfaction. no wonder more people have chosen lexus over any other luxury brand 11 years in a row. see ur lexus dear. >> we're back with our budget battle. let's meet our final two contestants. jay powell from the bipartisan
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policy center, a think tank founded by republicans like bob dole and tom daschle -- imagine that. democrats and republicans working together and coming out with a budget that you could agree on -- who thought it was possible? we will hear from david calihan with another think tank. yea, you first. the bipartisan policy center does what? >> so our budget is a product of compromise, political compromise between democrat, liberal and moderate -- >> like that's what got us into the mess we are in. >> we get everybody like it's the real world, getting the united states back to a level of sustainable debt over 10 years. what we did, we cut -- we attack everything. >> you freeze defense. >> we cut $5 trillion in the deficit reduction, of which $2
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trillion is from discretionary sfend -- spending, $1 trillion in dispfs $1 trillion in discretionary and roughly $1 trillion in entitlements and we raise $2 trillion in new taxes. >> a new sales tax. >> yes. on the tax front, we actually lower rates and eliminate a lot of deductions. we broaden the base and create a more -- >> eliminate every deduction, except mortgage and charity. >> that's right. >> for entitlement, you make rich people pay more. >> that's a tiny factor. what really gets our savings is convert the medicare program into a premium support program, which is to preserve the traditional medicare and cap the broaght and encourage people to into go into the marketplace and use the marketplace to control the growth. >> opt out of the government system and you could do it immediately. >> the premiums would be paid at the same value as if you were in the regular program, but buy
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private insurance, tailored to your needs. >> david, tell us about your plan? >> well, we put out a plan with the economic policy institute and with the century foundation. but we have made changes and we have our own take on this. in particular, the big thing we are recommending now -- people may not like tbut tell solve our problem, to repeal the entire bush tax cut. [boos from audience] [chuckles] >> that would raise nand of itself, almost $four trillion over a decade. >> assuming nobody changed their behavior because of the higher tax. >> we had those tax rates in the 90s, wherein everybody did well. let's go back to the tax rates.
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and deal with it decisively. >> you would cut defense spending drastically [applause] >> we would cut it by $1 trillion over a decade that. reflects a couple of things. it reflects that the wars are winding down. they're $170 billion a year. look, we can't afford to be the global cop anymore, with the kind of defense expenditures we have had. [applause] >> over a decade, when you cut $1 trillion, we would have spent $7 trillion, so that's $7 to $6 trillion. >> the previous guest said we had to keep america safe. no empire collapsed because it didn't have a strong enough military, they collapse because of debt, because they don't invest in the future and stagnant growth. so we need to deal with the over extension. >> you would have a financial
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peculation tax and increase the gas tax. how much? >> we would increase -- we would increase the gas tax by 50 cents to raise -- [boos from the audience]. >> raise $600 billion over a decade. and so when gas goes up because of the rise of china and other global things people are ready to deal with that. >> what say you? >> li say that the great -- well, i say, when everybody's at the table, everything's on the table. have you to attack everything. bob beckle, i assume you like -- >> very much. your point about your revenue for the gas tax, i know one of my colleagues jumped on that right away. i don't understand why everybody's blue booing. you don't boo big oil for increasing the cost $1 a gallon. and they are talking about sift
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cents a gallon. the free market has screwed you in the last year. i wouldn't pay a lot of attention to that. i do like your point about -- >> how did the free market screw us? >> because the price of oil, the price of gasoline is artificially high. it is because big oil and speculators. it is! i like the tort reform. there are some democrats who believe there ought to be tort reform. i think it's a very good idea. >> who's the other one? >> my sister. >> sandra? >> demos, i fear what this plan really puts on the table. what it really encourages in this country. raising taxes on the top earners, imposing a surcharge on the top earners and acting an estate tax. and on the lower income family, we will impose a gas tax, i mean, raise the gas tax -- >> you are going to discourage
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business and people from working harder, as far as i can tell. >> you may recall the 90s, which is a pretty good time. we had higher taxes during thatted and economic growth. bush came in and cut taxes 25% as a percentage of gdp. we ended up with the most anemic economic decade since the great depression. so we want to go back to a period of higher public investment and somewhat higher taxes. but higher taxes that would put america at the low end, in terms of how much we tax -- >> and force people to buy very pricey, more fuel-efficient cars, as you were suggesting. >> our plan also increases the earner income tax credit and increases the tax provisions to help loan americans. >> david? >> to jay, you have the 6.5% national reduction sales tax. what makes you sure that
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politicians who have violated all kinds of rules in the past, they say the social security lock box is not going to go to anything but social security, we than politicians have been raiding that lock box for years. what makes you think the politicians will be true to their word on this? >> we will have to put strong enforcement mechanisms in place. >> nothing have stopped them in the past? >> we need the money to reduce the deficit. we need the money. we are cutting trillions of dollars of spending. if we don't raise the money i. i am reluctant to give more money. >> the alternative is to borrow $1 trillion a year. you can elect to borrow $1 trillion a year until we can't anymore? that's the alternative. >> next, our three judges will pick their winner. and the audience votes, who will win the best budget award? that's next. [ artis brown ] america is facing some tough challenges right now.
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two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands. this resource has the ability to create hundreds of thousands ojobs. at our kearl project in canada, we'll be able to produce these oil sands with the same emissions as many other oils and that's a huge breakthrough. that's good for oucountry's energy security and our economy.
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shows your pet you care... by unleashing a complete killing force against fleas and ticks. and not just adult fleas. what makes frontline plus complete is that it breaks the flea life cycle -- killing adults, eggs, and larvae. and it keeps killing fleas and ticks all month long. that's why it's the #1 choice of vets for their pets, and yours. leash a complete kilng force in every dose of frontline plus. >> which budget's the best? our three judges have been judging. have you picked your winners? >> we have, your honor. >> okay, david. >> well, i may never be invited back to the heritage foundation, but the bipartisan institute has a flat tax, which is the only
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thing my friend bob beckle and i agree on -- >> you are taking the bipartisan -- >> i am picking bipartisan. >> jay, can you take a seat here? thank you. our first finalist. sandra smith? >> okay, i commend the heritage foundation for a couple of reasons -- >> stewart i. the point of these proposal, stewart, was to... [applause] >> was to balance the budget. stewart's plan is the only one that told me that the budget's going to be balanced and when it's going to be balanced. >> bob beckle. >>? i i had a hard choice between bipartisan and the demos. but they cut the defense budget by -- >> david, why don't you come out? >> they cut the defense bottoming by $960 billion. next year, the united states will spend more on defense than every other country in the world -- combined.
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>> let's -- let's start with starting on that. we have to spend $700 billion every year. >> we have to spend what's necessary to defend ourselves. nobody wants to spend monodefense. we would much rather spend it on other things. but if you look at what the world's like, if you look at what we had to spend in the past and if you make reasonable projections about what it will need -- >> 50,000 soldiers in germany? >> if not there, somewhere else. we need them in afghanistan and iraq. we are over stretching our soldiers. >> what in the world do you think you need $700 billion for defense? and second, let me follow-up, 50,000 droops in germ if he felt we won the war. there is nothing, except a very good hospital, i will give that you. why do we have troops in japan? 30,000, germany and korea, 30,000 there, too. it's a complete waste of money. >> have you heard of china? >> i have heard of china. >> that's a major reason.
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have you heard of north korea? they have nuclear weapons. iran has nuclear weapons. >> we are taking 30,000 troops in south korea to be the target then? >> the issue is not the level of troops. as i said over and over again, nobody wants to spend too much on defense i. i don't. >> except the defense contractors. >> we are not talking about them, come on. >> i don't mean to dominate with stewart. but what about the fear that instead of just switching from the irs and a tax on what we earn, we valid in addition to that, we would have the consumption tax twould be loaded on top of what we already have? that's what scares me i. you are misunderstanding -- you are misunderstanding it, like a value-added tax, or a national sales tax, that would be
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ridiculous. what we mean is, what youk consume. what you spend. you shield savings if have you a system where everybody's treated fairly, we have to have a situation where you can't have people hiding money. it has to be fair and equal and a single rate. >> i want to hide my money. >> i am going to hide some money, too. >> the one thing that bob and i agree on -- i mean, if bob and i can agree on anything, maybe it should be enacted, it's a flat tax! [applause] >> how do you measure in th?
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>> we want an iron-clad cap on 18 1/2% of gdp. americans for 50 years have basically said, if you tax us between 18 and 19%, we are okay. you go above that. we have problems. like at the end of the carter and the clinton administration. >> excuse me -- >> 20% of gdp at the end of the clinton administration. >> and americans said issue we want a different party in power. we want taxes to come down. we do that. we would like to see a constitutional amendment to hold the line at that. but once you have done that, you have to decide how you make the cuts. >> and the other side of you, if your goal is not to balance the budget, what is the goal? >> our goal is to bring the deficits down to a manageable level. >> stabilizes. >> you don't need to balance it. you need to make sure that the economy's growing faster than the debt. you do that within a percentage
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or two. >> it's a myth that the think about -- that the budget has to be balanced. >> it's an open invitation to government spending. "we don't have to balance the budget --" >> i'm feeling the love. you're glowing. >> we want to balance the budget at american levels, at levels that americans have been satisfied with for years. >> okay. time for our studio audience to vote. who is your budget winner? not yet... the audience votes when we return and then we will tell you who wins.
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actual budget are boring . the reason big spenders and crooks in kong get away with wasting your monobad programs and special gifts for the programs. spending 3.8 trillion dollars. they are putting america on a path to this.
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you want to avoid becoming like greece. three cheers for the peterson foundation for paying hundreds of thens of dollars in hopes of avoiding this. several think tanks said the way to avoid that is raising taxes. i disagrees. raising taxes incouraging people from investing. past attempts of raising revenues with higher taxes haven't brought in as much money. government is already spending 3.8 trillion dollars . that is enough. it is much too much to suck out of the private sector. we need to cut. cutting, need not be all that painful. so much of the 3.8 trillion is bad things . we should cut entire departments. none of today's think tanks did that.
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rethink government. they spent billions and made no improvements. get rid of the entire diameter . leave education to the states and stop subsidizing all farms and business and railroads through foreign aid. we do that. cut the mission of the military and raise the age for entitlement so my age doesn't bankrupt medicare and social security. we made cuts until we had government running a surplus and then you can cut taxes. we made more cuts than the think tanks did. we should win the award. but we are not eligible so who does win? who among the finalist did the audience pick. hands up. who chooses the bis partisan
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institute budget by jay powell . heritog by stewart butler. majoritiy. d-most represented by calla hawn . there is one and heritage foundation by stewart butler, you win the award. i don't know what you will do with that. thanks for watching. good night. [applause] some constipation medications can take control of you. break free. with miralax. it's clinically proven to relieve constipation and soften stool with no harsh side effects. just gentle predictable relief. miralax.
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